Market bounces back: Sensex gains 335 pts; Adani Group, rail shares shine

Market wrap on March 14, 2024: Beaten down BSE PSU and CPSE indices surged up to 3 per cent led by gains in rail stocks; Adani Group shares surged up to 11%

Stock market highlights: Equity benchmark indices bounced back in trades on Thursday led by gains in index heavyweights Bharti Airtel, Larsen & Toubro and IT shares. 

From a low of 72,497, the S&P BSE Sensex rebounded into the positive zone and rallied to a high of 73,364. The BSE benchmark eventually ended the day with a gain of 335 points at 73,097.

The NSE Nifty 50 hit a low of 21,918, and a high of 22,205, before settling 149 points up at 22,147.

IT shares - HCL Technologies, Wipro, Infosys and TCS were up 1-3 per cent each. Bharti Airtel, Larsen & Toubro, Mahindra & Mahindra, Asian Paints, UltraTech Cement and Power Grid were the other major movers among the Sensex 30.

On the flip side, Axis Bank, IndusInd Bank and Bajaj Finance were the notable losers, down over 1 per cent.

Also read: 'Investors should take 3-5 year view when investing in small, midcaps'

Among the broader indices, the BSE MidCap jumped 2.3 per cent, and the SmallCap surged 3.1 per cent.

Similarly, the beaten BSE PSU and CPSE indices rallied up to 3 per cent led by strong gains in rail shares among others. READ MORE

Shares of Adani Group too witnessed aggressive buying and soared up to 11 per cent. Adani Energy Solutions and Adani Total Gas were the major gainers. 

3:51 PM

Tech View :: 'Nifty Bank has formed Doji candle'

The Bank Nifty index witnessed a continued struggle between bulls and bears, resulting in a doji candle formation on the daily chart, indicating market indecisiveness.

Immediate resistance is noted at the 47,500 mark, and a conclusive break above this level on a closing basis would signal a resumption of upward momentum towards all-time highs.

Conversely, the lower end support is situated at the 46,700-46,500 zone, and a break below this level on a closing basis could intensify downward momentum towards the 46,000 mark

Views by: Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities

3:50 PM

Tech View :: 'Nifty's next resistance seen at 22,200'

The sentiment remains negative as the Index consolidated around the lower half of the previous session's candle on the daily timeframe. Additionally, the index has closed below the 21EMA with a bearish crossover in the RSI.

However, bulls managed to push the Nifty back into the rising channel by the session's end, suggesting a possibility of a bullish trend reversal.

Looking ahead, the Nifty could encounter resistance in the 22,200-22,250 zone. Clearing the resistance at 22,250 might propel it towards 22,500 in the near term. Support levels are situated at 22,050-22,000.

Views by: Rupak De, Senior Technical Analyst, LKP Securities

3:48 PM

Comment :: What led to today's bounce back?

The market was able to recover half of last trading day’s sell-off as leverage based square-off neutralised it, while institutional buying sustained the buoyancy.

Domestic economic data wholesale price inflation (WPI) eased to four-month low at 0.2% YoY in February, bringing ease to upcoming CPI trajectory, a relief for future rate cuts. 

The broader market is outperforming the headline indices, taking advantage of Mid and Small cap as a bargaining strategy.

Views by: Vinod Nair, Head of Research, Geojit Financial Services

3:41 PM

Currency check :: Rupee ends 4 paise stronger

3:40 PM

Buzzing stock :: Gopal Snacks settles 10% lower than issue price on debut day

>> Stock opened at Rs 350 on the BSE

>> Issue price was set at Rs 410

3:39 PM

Broader market check :: SmallCap index surges 3%, MidCap over 2%

3:37 PM

Sectoral trends :: Pvt banks edge lower, all other indices rally

>> IT, Media, Metal indices gain 2% each

>> Auto index up 0.87%

3:35 PM

Sensex Heatmap :: IT, Airtel, L&T shares lend support

3:34 PM

Closing Bell :: Nifty ends near 22,150 on weekly F&O expiry day

3:33 PM

Closing Bell :: Sensex rebounds after Wednesday's selling, ends over 300 pts up

3:23 PM

Rail stocks: IRFC, IRCON, Texmaco Rail rally up to 15% on heavy volumes

Shares of railway related sectors have rallied by up to 15 per cent on the BSE in Thursday’s intra-day trade amid heavy volumes on value buying. READ MORE

3:13 PM

TCS announces deal to 'transform' Danish firm Nuuday's IT infrastructure

Tata Consultancy Services (TCS) will implement a cloud transformation project for Nuuday, a Danish digital connectivity and communications provider, as part of a multi-million-dollar deal, said the Indian information technology (IT) services company on Thursday. READ MORE

3:00 PM

ALERT:: Praveg wins contract from Lakshadweep Tourism dept.; stock soars 8%

Praveg has received work orders, from Department of Tourism, U.T. Administration of Lakshadweep for Development, Operation, Maintenance and Management of 200 tents at Thinnakara Island, UT of Lakshadweep and 150 tents at Bangaram Island, UT of Lakshadweep, the company said in a release to the BSE.

2:42 PM

ALERT:: Goa Carbon receives tax notice of Rs 3 lakh; stock up 3%

Goa Carbon in an exchange filing said the company has received assessment orders and demand notices Goa State Tax Office, under the Goa Cess on Products and Substances Causing Pollution (Green Cess) Act, 2013, amounting to Rs 3.06 lakh.

2:26 PM

Market check:: BSE CPSE index up 2.3% day after 7% crash